In most industries, it is a widely known fact that it’s easier and more profitable to get a larger share of a current customer’s wallet than to acquire new ones. Your cell phone provider knows it. Your car dealer knows it. Your department store knows it. But your insurance company isn’t so sure about it. Up-selling and cross-selling have plagued the industry for years. Many dabble in it, but refuse to give it a high priority in the innovation pipeline.

Communication, however, is the act of transferring information from one source to another. If the transfer is not complete, the communication did not take place. The understanding and possibly even retention is the proof that the communication did take place.

A recent Wall Street Journal article published this chart which is very curious. The majority of unbanked households are in what would be labeled racial minority groups. However they are also, according to the US Census Bureau, the fastest growing segments of the population.